News

SC bill would encourage reuse of vacant buildings

February 22, 2012

COLUMBIA, S.C. - South Carolina legislators hope tax breaks can turn abandoned buildings into bustling commercial space.

More than 30 House members have signed onto the "Abandoned Buildings Revitalization Act" introduced Wednesday.

It would give a 25 percent state income tax credit to businesses investing at least $500,000 in a building vacated for at least five years.

Democratic Rep. James Smith says it's about bringing jobs and economic development to blighted areas.

Republican Rep. Rick Quinn sees it as a necessary part of tax reform. He says a law change several years ago made it more difficult to develop commercial property, particularly if it's in disrepair.

According to a study by the Palmetto Trust for Historic Preservation, the measure would generate about $20 in revenue for every dollar of tax credit.

Originally posted in TheState.com
The Associated Press
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